Wonga Confirms Weekly Profit Of More Than ?1m

[super jumbe]

One of the biggest names in the controversial payday loans industry has confirmed it is making more than ?1m in profits every week.

As first reported by Sky's City Editor Mark Kleinman , a surge in customer numbers helped Wonga earn profits, after tax, of ?62.5m during 2012 - a 36% increase on the previous 12 months.

The company, which offers short-term loans to households and businesses, said revenues rose by 67% in the period to ?309.3m and it lent ?1.2bn - 68% more than in 2011 - in total to more than one million people.

The number of borrowers defaulting on their loans rose in 2012, to 7.4% from 6.4% the year before.

The payday industry is currently facing a Competition Commission inquiry amid concerns over how it operates.

Today, Wonga's founder and chief executive Errol Damelin insisted the online lender was "upfront and transparent", adding it makes 5p of profit on every ?1 it lends - typically ?15 on every loan.

http://uk.finance.yahoo.com/news/wonga-confirms-weekly-profit-more-093143116.html

[Meat-Head]

Today, Wonga's founder and chief executive Errol Damelin insisted the online lender was "upfront and transparent", adding it makes 5p of profit on every ?1 it lends - typically ?15 on every loan.

[]

Errol Damelin, born in South Africa, seem to think theres a song about that, slitting image or something no idea.

[GastonJ]

Well it does need to pay things like

It's rent for it's offices to the queen
Profits to it's investors like the church

neither of which come cheap, nor care that it's a firm that preys on the disadvantaged and desperate in society....

[Snowy79]

Look on the bright side. The tax it pays may recoup some of the Tax payers money that was spent trying to educate those stupid enough to borrow money from them.

[lagerland]

Hardly surprising the exorbitant rates of interest they charge................

[chalky 4]

Newcastle United love them long time.